Iceland reaches deal on Dutch loan

Iceland said on Sunday it had agreed to a new deal to repay Britain and the Netherlands billions of euros lost when the island’s banks collapsed in 2008, news agency Reuters reports.

The deal paves the way for new aid from international lenders, which had been blocked because no agreement had been reached, Reuters said.
Prime Minister Johanna Sigurdardottir said the new deal would have a number of positive effects, including helping Iceland remove currency restrictions — put in place at the height of the crisis — and to ease interest rates.
The Netherlands lent Iceland €1.3bn and Britain lent Iceland €2.7bn to pay back savers who lost money when Iceland’s internet bank Icesave and its parent Landsbanki collapsed.
Although Iceland agreed to terms in the summer, the Netherland and Britain were unhappy with the terms.

For the Wall Street Journal report on this, click here

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